Morning News Call - India, August 30

Reuters Staff

6 Min Read

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FACTORS TO WATCH
10:00 am: Aviation Minister Ashok Gajapathi Raju and Junior Aviation
Minister Jayant Sinha at conference in New Delhi.
LIVECHAT - LUXURY GOODS
We get an outlook for luxury goods in the last few months of the year with
Dr. Scilla Huang Sun, Head of Equities and Portfolio Manager of the GAM Luxury
Brands Fund at 2.30 pm IST. To join the conversation, click on the link: here
INDIA TOP NEWS
• Lockheed offers to export F-16 jets from proposed India facility
Lockheed Martin is closing in on an international deal for F-16 fighter
planes, and has offered to eventually build all the jets at a proposed plant in
India if it wins a bigger order to supply the Indian Air Force, a top executive
said.
• EXCLUSIVE-Bloomberg charity scrutinised by India for anti-tobacco funding,
lobbying - documents
India has been investigating how Bloomberg Philanthropies, founded by
billionaire Michael Bloomberg, funds local non-profit groups for anti-tobacco
lobbying, government documents show, making it the latest foreign non-government
organisation to come under scrutiny.
• Uber to provide free insurance for its drivers in India
Global ride-hailing firm Uber Technologies will give free insurance to its
450,000 driver partners in India that will cover death, disability or
hospitalisation due to accidents, the company said.
• Monsoon rains bring India's financial capital to a standstill
Heavy monsoon rains brought India's financial capital to a halt on Tuesday,
with authorities struggling to evacuate people with the scheduled high tide
adding to the chaos.
• Infosys founder Murthy defends role in boardroom feud
Infosys Ltd founder Narayana Murthy defended his role in a months-long war
of words with the company's board that led to changes at the top, saying his
actions were in the interest of shareholders.
• Dixon Tech sets price range for up to $94 million IPO next week
Consumer electronics maker Dixon Technologies (India) Ltd will sell shares
in a price range of 1,760 rupees to 1,766 rupees in its initial public offering
set to open on Sept.6, a public notice said.
GLOBAL TOP NEWS
• U.N. condemns "outrageous" N.Korea missile launch, Pyongyang says more to
come
The United Nations condemned North Korea's "outrageous" firing of a
ballistic missile over Japan on Tuesday, demanding Pyongyang halt its weapons
programme but holding back on any threat of new sanctions on the isolated
regime.
• Trump surveys devastated Texas as Harvey rages on
U.S. President Donald Trump visited Texas on Tuesday to survey damage from
the first major natural disaster to test his leadership in a crisis, as record
rainfall from Tropical Storm Harvey lashed Houston and tens of thousands of
people fled deluged homes.
• Japan retail sales slow in July, still top expectations
Japan's retail sales growth slowed in July as shoppers spent less on clothes
and cars, but economists remain optimistic that consumer spending will soon
gather pace due to a tight labour market.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,838.50, trading up 0.5 percent
from its previous close.
• Indian government bonds are seen higher in early trade as U.S. Treasury
yields fell overnight, but profit booking after yesterday's rally could cap the
gains, traders said. The yield on the benchmark 6.79 percent bond maturing in
2027 is likely to trade in a 6.51 percent-6.56 percent band today.
• The Indian rupee will likely open higher against the dollar, tracking a
rebound in most regional assets, as geopolitical tensions following North
Korea's firing of a missile over Japan abated.
GLOBAL MARKETS
• Major U.S. stock indexes ended higher on Tuesday after recovering from
steep early losses triggered by fears that hostilities in the Korean Peninsula
could escalate.
• The dollar rebounded from a 2-1/2-year low as concerns about North Korea's
firing of a missile over Japan ebbed, but Asian stocks were muted despite Wall
Street's higher close.
• U.S. benchmark 10-year Treasury note yields fell on Tuesday to their
lowest since last November after North Korea fired a ballistic missile over
northern Japan and into the sea, sparking safety buying of the bonds.
• Oil prices slid as refinery shutdowns in the wake of Hurricane Harvey cut
U.S. demand for crude, the most important feedstock for the petroleum industry.
• Gold prices edged lower early after hitting a more than nine-month peak in
the previous session, as the dollar recovered from multi-year lows on easing
tensions surrounding North Korea.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 63.98/64.01 August 29 - $176.66 mln
10-yr bond yield 6.8 pct Month-to-date -$2.09 bln $1.88 bln
Year-to-date $6.89 bln $23.02 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 64.0100 Indian rupees)
(Compiled by Erum Khaled in Bengaluru)